Ep. 43 Michel Accad, MD, Leads Bob on a Discussion of “Efficiency” and “Market Failure” as Used in Health Economics

Summary: Michel Accad practices cardiology and general internal medicine in San Francisco, and holds a part-time clinical faculty appointment at the University of California San Francisco. This episode reproduces a discussion Bob had on Michel's podcast, where they discussed the development of "welfare economics" in mainstream theory, in preparation for their subsequent discussion (which will be Bob Murphy Show ep. 45) of Kenneth Arrow's famous paper critiquing free-market health care delivery.